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Today, media reported that Zhongtai Automobile and the French liquid-Air Technology Innovation Center formally signed a cooperation agreement, the two sides will jointly develop metal bipolar plate fuel cell stack, and applied to Zhongtai Automobile.

It is understood that as early as the beginning of 2016, Zhongtai Automobile has begun to layout hydrogen fuel cell passenger vehicles, and hydrogen fuel as the development direction of new energy vehicles. The Zhongtai E200 FCV was officially unveiled at the Shanghai Auto Show in April this year. The new car has been renovated and is expected to go on sale next year.

Zhongtai Automobile said that combined with the mass production plan of fuel cell vehicles, according to the sales volume of 10, 000 units, the sales revenue can be achieved 2.2 billion yuan.

In recent years, fuel cell has developed rapidly. Although hydrogen fuel cell has a low market share, it does not hinder the development of car companies in this field. However, at present, fuel cell is still in the primary stage of development, how to achieve efficient supply and technical layout has become a difficult problem for the development of fuel cell. At present, SAIC, Great Wall Motor, Geely Motor and so on have been laid out, and Zhongtai Automobile has also developed in this field.

Although Zhongtai Motors has a layout on hydrogen fuel cells, there are no national six models to sell, and the current operating situation is not optimistic. According to the financial results released by Zhongtai Automobile, Zhongtai Automobile achieved operating income of 14.764 billion yuan in 2018, down 29.03% from the same period last year, and net profit was 799 million yuan, down 36.34% from the same period last year.

Entering 2019, the operating condition of Zhongtai Motor has not only not improved, but also become more and more serious. In the first three quarters of this year, Zhongtai Motor's operating income was 5.401 billion yuan, down 59.59% from the same period last year, while its net profit was 760 million yuan, down 283.02% from the same period last year.

Due to the continuous loss, the company is unable to repay the supplier on time. According to a civil order on June 11, the plaintiff Bic Battery filed an application for property preservation with the Shenzhen Municipal people's Court, requesting to seal up, detain or freeze the defendant Zhongtai New Energy Automobile Co., Ltd. Changsha Branch, Zhongtai New Energy Automobile Co., Ltd., Yongkang Zhongtai Automobile Co., Ltd., Zhongtai Automobile Co., Ltd., with a total value of 41.84 million yuan.

As Zhongtai car defaulted on the payment of Bic battery, the capital chain broke, and Bick battery also owed payments to other companies, which was collected by a number of upstream suppliers.

On November 6, Rongbai Technology announced that the overdue accounts of Bick Power exceeded 206 million yuan, which may not be recoverable. On November 7, Dangsheng Technology announced that the balance of accounts receivable from Shenzhen Bic and Zhengzhou Bic totaled 378 million yuan, which was at risk of being irrecoverable.

On November 10th, Hangke Technology made a total of 106 million yuan in accounts receivable for Shenzhen Bic battery and Zhengzhou Bic battery. In view of the current repayment risk, it set aside 34 million of the provision for bad debts.

Affected by the downturn in the automobile market and the decline in subsidies for new energy vehicles, Zhongtai Motor sales and profits have declined continuously, leading to the capital chain crisis. Zhongtai Automobile is the key in this "serial arrears case." Zhongtai's losses led to the inability to repay the upstream battery suppliers on time, never causing the Bic battery's capital chain to break and unable to repay the upstream battery parts suppliers on time.

The Federation said that the entire automobile industry has entered the stage of reshuffle, and the car companies that can survive the competition will shrink sharply, especially the survival space of third-and fourth-tier brands will be further squeezed.

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